Gilead Sciences entered into an agreement with the European Commission for joint procurement of Veklury, the first antiviral drug for COVID-19 treatment, according to press release. The JPA allows participating countries of the European Union, European Economic Area (EEA), and the UK to acquire Veklury for real-time demand and stockpiling needs. 

  • The JPA agreement covers Veklury purchases over the next six months with the option for extension. 
  • JPA to replace Emergency Support Instrument (ESI) from August through October that allowed European Commission to procure Veklury for EU member states, including the UK 
  • ESI and JPA to temporarily suspend country-by-country reimbursement  that follows marketing authorizations due to the current health crisis
  • Gilead to start fulfilling orders the week of October 12
  • European Commission granted conditional marketing authorization of Veklury on July 3, 2020
  • Veklury supply to meet global demand by the end of this month.

Gilead stock gaining on the announcement of agreement with the European Commission. GILD: NASDAQ is up on premarket 1.61%